Gold, YCS Update, NUGT
We'll catch up on positions ASAP, starting with our Japanese yen short YCS and gold.
YCS is up over 20% since our late-September entry, and we're raising the stop considerably to $70.90
On October 6th we predicted that gold was due to bounce, and it hit its low for the month the next day.
On October 31 we wrote that "the bounce may continue awhile, however we've no reason to turn long-term bullish at this time."
The bounce lasted two more days before gold dropped about 8% to today's 9-month low.
Gold may now be oversold.
Two famed billionaire hedge fund managers sold out of gold this past week, and gold ETF redemptions were very high. Bullish sentiment has dropped to just 6% which is roughly the same as it was a year ago when we were stridently and correctly bullish on gold while most of the world, including several major hedge fund managers and “experts”, had sold out after losing all hope.
Gold rallied tremendously in the first half of the year, and we booked great gains closing the last of our NUGT position over 400% above our entry.
Now we're considering getting back into gold.
If NUGT rises above $8.80 we'll buy it and place a stop below $7.20
NUGT closed today at $8.36
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